Ironworkers Local 474 Pension Trust
multiemployer plan · Ironworkers Local 474 · Springfield, IL
Funding History
What This Means for You
Ironworkers Local 474 Pension Trust is in good financial health at 62% funded. This means for every dollar the plan owes in future benefits, it has 62 cents in assets to cover it. This plan is also covered by the PBGC, providing an additional safety net. Participants in this plan have relatively low risk of benefit reductions.
Year-by-Year Funding
| Year | Assets | Liabilities | Funding Ratio | Contributions |
|---|---|---|---|---|
| 2025 | $1.2B | $1.9B | 62.0% | $54.0M |
| 2024 | $1.1B | $1.7B | 66.1% | $43.9M |
| 2023 | $1.1B | $1.9B | 59.2% | $48.1M |
| 2022 | $1.0B | $1.6B | 66.1% | $40.9M |
| 2021 | $968.7M | $1.8B | 52.4% | $43.1M |
Frequently Asked Questions
Ironworkers Local 474 Pension Trust is 62% funded, meaning it has 62 cents in assets for every dollar in future benefit obligations. This is below the 80% threshold actuaries consider healthy, and may require increased contributions.
Ironworkers Local 474 Pension Trust has 3,643 total participants, including 1,541 active employees and 2,102 retirees currently receiving benefits.
Yes, Ironworkers Local 474 Pension Trust is covered by the Pension Benefit Guaranty Corporation (PBGC), which provides a backstop if the plan cannot pay benefits. The PBGC risk level is currently "high."
The Pension Health Score (0-100, A-F) measures a pension plan's financial strength based on funding ratio (50%), funding trend over 3 years (30%), and PBGC risk level (20%). Higher scores indicate more secure retirement benefits.
Pension Health Score is calculated from funding ratio, 3-year funding trend, and PBGC risk classification.